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- Bipartisan Lawmakers Introduce Biodiesel Tax Credit Extension Act of 2024
Bipartisan Lawmakers Introduce Biodiesel Tax Credit Extension Act of 2024
Slice of Retail Team
July 25, 2024
Key Highlights:
Bipartisan support for the "Biodiesel Tax Credit Extension Act of 2024" (H.R. 9060).
Extends biodiesel blender's tax credit for one year, incentivizing renewable fuel use.
Reduces greenhouse gas emissions and lowers diesel fuel prices for truck drivers.
Creates jobs and supports fuel retailer investments in low-carbon alternative fuels.
Promotes economic and environmental benefits for consumers and industries.
Source (PR Newswire)
Notable Quotes:
"We commend Representatives Carey, Kuster, Tenney, and Miller-Meeks for recognizing the critical role that renewable diesel and biodiesel play in lower fuel costs for consumers by supporting an extension of the Biodiesel Blender Tax Credit. We urge Congress to extend this successful policy as soon as possible."
"This legislation is key to supporting our industry's continued investment in advanced renewable fuels. We applaud Congressman Carey for demonstrating leadership on this issue and encourage all Members of Congress to support this bill, which will extend fuel supply and incentivize fuel retailers to invest in low-carbon alternative fuels at a cost that is attractive to consumers."
Our Take:
The introduction of the "Biodiesel Tax Credit Extension Act of 2024" signifies a significant step towards promoting renewable energy solutions within the transportation sector. By extending the biodiesel blender's tax credit, this legislation provides a much-needed incentive for fuel retailers to invest in and supply biodiesel. The environmental benefits, including substantial reductions in greenhouse gas emissions and the support for sustainable energy infrastructure, align with broader goals to combat climate change. Furthermore, the economic advantages, such as job creation and reduced fuel prices, underscore the multifaceted impact of this policy. As the demand for low-carbon alternative fuels grows, extending this tax credit will play a pivotal role in fostering a cleaner, more sustainable future for the transportation industry and beyond.